Swapping goods directly without using money is called what?
AnswerBarter
Barter is the direct exchange of goods or services.
Business · Facts & stats
Trade facts & stats
7 fact-checked facts about trade, commerce and the history of exchange, each with the reason behind it. 5 more are in today's round and join this page after it closes.
The basics
What does it mean to export goods?
AnswerSell them to another country
Exports are goods sent out of a country for sale abroad.
Going deeper
Which organization, created in 1995, oversees global trade rules?
AnswerWorld Trade Organization
The WTO replaced GATT's framework in 1995.
What was the Dutch abbreviation for the Dutch East India Company?
AnswerVOC
VOC stands for Vereenigde Oostindische Compagnie.
Economist David Ricardo is best known for which trade concept?
AnswerComparative advantage
Ricardo showed that countries gain by specializing in what they produce relatively cheaply.
Expert level
What does GATT stand for?
AnswerGeneral Agreement on Tariffs and Trade
GATT was signed in 1947 to reduce trade barriers.
Nutmeg, once worth a fortune in the spice trade, originally came from which islands?
AnswerThe Banda Islands
The tiny Banda Islands in present-day Indonesia were the only source of nutmeg for centuries.
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